it is final trade time. ennis, start us off. >> long chub. >> pete? >> love blackstone. steve schwartz man is running a good shop. >> doc? >> hartford. hig calls out there in next year. >> stick to emerging markets. dvye is my method of doing that. >> that does it for us. don't forget to catch more "fast money" tonight at 5:00 p.m. follow me on twitter as always @scottwapner. major averages are still fighting it out. "power lunch" picks up the ball, runs with it right now. lace them up, halftime is over. the second half of the trading day starts now. >> well, just when we thought we were finally getting some movement on the fiscal cliff, talks apparently have hit a snag. president obama threatening to veto house speaker boehner's

proposal plan b. he called obama irrational. where do the two sides stand right now, especially on spending? president obama says the nation has a deep obligation to stop gun violence and appoints vice president biden to lead the administration's effort on this. we'll have the details on that and look at the legal implications for gun manufacturers. and general motors buying back 200 million shares of its own stock from the government. we'll tell you what it means for investors and taxpayers alike. sue herrera down on the floor of the new york exchange. sue. >> it's 12 days to go until america goes off that fiscal cliff. both sides, as you just mentioned, are still sniping at each other. that's one of the reasons why the dow is down slightly. president obama said he would veto the house republican plan b tax proposal designed to avert january 1st tax hikes. the house speaker, mr. boehner, responded by saying that that was irrational and bizarre. john harwood is at the white house to sort out all the

latest. yesterday, john, they thought they were getting real close to a deal. it certainly doesn't sound that way today. >> sue, it does appear that they've hit a deadlock in negotiations. you saw the president in a fascinating news conference that he just had in the white house briefing room try to leverage the emotional power of the tragedy in newtown, connecticut, to try to put the pressure on republicans. he talked about them taking off their partisan war paint. he said he'd more than met them halfway in terms of spending cuts that he's offered, coming up in the income threshold for tax increases, and he has the upper hand in public opinion. there's no question about that. he is not surrendering that at this point. the question is whether speaker john boehner can move his caucus, even as far as he's already moved further toward the president. that's what the next couple days are going to be about. >> thank you very much, john. do you think, you think really

sort of rumbling that we're hearing means that we have actually moved further away from the possibility of what i'm going to call the first of the 12 days of cliffness? >> insiders in both parties are telling me they think the prospects of no deal and going over the cliff have risen significantly. now, i continue to think that the fundamentals exist, as the president said in his news conference, there are only a few hundred billion dollars apart over ten years in spending cuts from what the speaker said he wants in terms of a balanced package. now, that's a lot of money by any stretch. but in a deal of this magnitude in a government and expenditure rate, this large in the united states, it's not that hard to tweak a few dials and bridge that gap. but of course, the question of tax increases of any stripe are difficult for speaker boehner to move through his caucus and that

where we've gotten to the point we're at right now. >> john harwood, thank you very much. down to you, sue. >> right now we are down 11 points on the dow jones. that's hinging on disappointment from washington. the nasdaq is up two and a third point. my partner here on the floor of nyse joins me in the action. 24 hours ago we were sitting here with a triple-digit gain, actually. now, there is disappointment in washington. >> let's just say the markets are digesting all of this news today, that means moving side ways, a fancy word, folks. we are talking like 30 points. that pretty small. and the president sounding alternative sounding con ciliatory and often combative as you hear from john harwood.

here is the bottom line. big movers, bank stocks, home moving stocks, that sue just referenced. all basically flat today. if you take a look at the one sector though that is still continuing to have a great day, doing it day after day and that's airline stocks, very positive traffic metrics from airlines in the last few weeks and these stocks have been moving up virtually everyday. there is your market today. this is a quiet day when you see airlines as the market leader. >> true. good point. we will see what happens when we ceci you see you the next half hour. >> what is the likelihood before the year's end. a democrat from new jersey sitting on the powerful ways and means committee overseeing taxing, medicare and social security. >> tyler, how are you today? >> fantastic, thank you very much. tell me how you are down there and if you believe the rhetoric

that escalated once again truly signals we have moved further away from a deal that looked like it might be taking shape as recently as monday evening. >> i just came from a meeting, tyler, and i'm more optimistic than i was early this morning. i know that the main participants of the president of the united states and speaker of the house, they have to get over the hurdles. but we have meetings to funnel information into the administration and vice versa. i'm still optimistic than i was early this morning and we got to do our job. the fact of the matter is the people sent us here to do the on. and besides the defense contractors being on the end of their seats, a lot of things can happen, january 1st. if we do not encourage and move along on the earned income tax credit, if we don't move along

on those factors, the middle class is going to be hurt regardless of whether we good off the cliff or not. >> let me drill on two points. one is a tax point, the other is a spending point. let me start with the spending point. it appears that administration signed on to the idea of using a different way of calculating the consumer price index for the indexing of social security benefits. many democrats are very uncomfortable with that, even though it would save hundreds of billions of dollars over decades. where do you stand on that and second, also related to social he is chiropractority, do you think a payroll tax holiday will continue? choose which ever one you want it answer first. >> i don't believe that payroll tax holiday will continue. number two, the cpi, if it changed at all, we need more exceptions so we can increase the inflation as an impact on what your social security will be. simply to go to a cpi, as

changing the method of providing social security dollars, more and more folks are living solely on their social security check. that has to be taken into account. if we save $138 billion if we make this change, tyler, we need to be reassured that seniors who are very old, seniors or those folks on disability, these people are taken care of in social security. i don't think that's the path. it looks like right now, as you and i are talking here, the only thing we are voting on tomorrow, is either the democratic plan or the president's plan of simply putting forth the tax cuts. and that is, we support continuing the tax cuts for middle class americans, which is 99%, 98% of the american people. >> that's the bill, am i understanding that correctly? >> that is absolutely correct. what plan b is, or mr. boehner's report will bring that up from

250,000 to a million dollars. i'm sure that president can move closer and mr. boehner can move closer to the figure. if that the only thing we can do, let's say we come up with the threshold of $500,000, we can have a deal. there's no question in my mind and come back and do the tax cuts and do the expending cuts differently and at another time. >> sue? >> congressman, if i could step in and switch gears a little bit. >> hi, sue, how are you? >> i'm good. great to see you again, sir. >> good to see you. >> turning to the issue of gun control. >> yes. >> the president spent a large part of his news conference talking about the fact this is the influx point and action on gun control. do you agree with the president? and ideally, in your world, what would that legislation look like? >> i've worked very closely with congressman mccarthy since we got here in 1996. we feel very strongly about certain controls.

certainly not in any manner shape or form violating the second amendment. we can come to some common ground. i really believe on this subject, susan. so besides being on the bills, that's one thing. the president is absolutely correct when he said no one piece of legislation is going to turn this all the way around. we want to protect our kids. that's our main focus right now. let's not be distracted by global or universal solutions. >> so you think this is the time, when it can actually happen? >> yes. it is past the time, susan, yes, to your question. >> thank you very much. i only call sue susan when i'm angry with her, bill. >> thank you, senator. >> let's show you where the differences are between the two sides. er with calling it fiscal

cliffrences. we are looking back at the spending side. refresh us for those who haven't seen it. >> i want to say i'm doing this reluctantly. when you see the derth of detail, this is the first time tyler i ever put up a chart that i know is wrong. and i will show you why. that's not this chart here. just want to refresh your memory from yesterday. we know you all took notes and you remember it, but bottom line is is they are $2 billion apart from the democratic side. 300 if they count the way the gop is account. the differences in this chart are here in totals. not necessarily in details. when we go to the spending chart, i know this is wrong, folks. the reason is this, we got details from -- some details from republicans on friday. but they change their offer, brought it down, to just focus on this, chris. chris is our camera operator there. 1.4 trillion spending cuts desired on friday. now at 1:00. if you come to this side, they

didn't give us details of how that changed. let's good to folks, these numbers do not add up. sorry. cpi changes, that's what tyler was talking about. democrats want 130 billion because they want offsets for those who are the poorest and least affected. republicans 200 trillion. health savings, democrat want 400. other savings, other mandatory, 4 versus $600 billion, leading to the democrats have spending cuts of 930 billion. now we believe the republicans are at 1 trillion. but again, we don't know the details. >> why can't these guys just split the bloody difference here? >> they could, tyler. they could. >> even your -- >> just hold on to yourself. >> okay, okay. >> i know you're excited about this. right, why can't they just do that. can you make that point right after this. >> okay. >> herer other means. means testing for medicare. these are things i'm hearing

whispered about. but no one is detailing it. additional defense cuts are also out there. here is the total chart. now, tyler. now i want you to see how excited we are. when we get to the next one when it comes to totals. here we go. all right. on revenue, 1.2 to 1. split the difference, right? >> on spending, they are so close. >> 1.2 trillion. that's my bar bill for a week. >> and then the interest savings, if you count that, they are very close over the ten-year window. why can't they just split the difference? why? because on the spending side it is details. but you're right, if they wanted to do a deal they are not that far apart. the question becomes, tyler, as i think we are all learning, there are real dollars and political dollars. and if something is going to cause your -- the other side to win, it is very costly to me. if it causes me to win, it is

cheap. i think one of the things to think about is that boehner is asking the president to give him more spending cuts. so he can sell the revenue side of this thing. that's where it will have to -- >> that's right. he has is to be able to sell it in his caucus and to do that, he have going to have to have real true spending cuts. >> i know we got to go. but one of the things that obama administration tried to do is say, you're guys are as crazy as our guys. your guys may hate this on the house but our guys -- >> that thiis /* is the thing o the changed cpi. >> sue? >> if they don't get it done, it will cost a lot of political capitol. they better get it done. rick santelli, how did we do? >> we will give this auction a c plus, which i think makes it the winner of the week. susan -- not susan, sue pointed

out with the yield at 1.233, which is right in between the offer on the wi, which is 123 1/2 at 123. arguably right on the 10 auction average as indirects at 39.9. if you look at directs, another option where indirects out perform, with the ten-auction average and since they brought back the seven-year in '09, that's the highest direct bid they have. so c plus on auction. now flies over, many thinking you will see a rally, which occurred to some extent on the long end of the curve. sue, back to you. >> thank you very much, rick. president obama naming vice president biden to head a task force for gun violence. we will have the details of that announcement, plus the legal fall out for the nation's gun makers in the wake of the horrific connecticut shootings.

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president obama naming vice president biden 20 head a task force for real efforts to reduce gun violence and do it by the end of january. the president calling for all gun buyers to be subject to background checks.

smith and wesson hitting an all-time high. and cabela's gaining ground. >> concrete proposals to curb gun violence no later than january. that's the charge for president obama for the task force to be led by joe biden in the aftermath of the mass shootings at connecticut elementary school. biden will lead a team of administrative officials and outside groups. the president is appealing to responsible gun owners to be part of that dialogue. >> the vast majority of responsible law abiding gun owners would be some of the first to say we should keep an irresponsible law breaking few from buying a weapon of war. >> now last night, the national rifle association broke its silence on the newtown tragedy saying it is prepared to take steps so that nothing like this ever happens again.

no comment yet from republican congressional leaders on the president's announcement. >> hampton, thank you. >> in the wake of those newtown shootings, will the gun industry face new action. >> less than a week ago 26 people lost their lives. with the investigation ongoing, the brady center says it is premature to say what legal action will be taken. the 2005 protection will lawful commerce in arms act protect manufacturers, distributors and dealers have being held libel when others misuse their product. where they are vulnerable is if their product are defenctive. they say, first, see if the dealer is negligent. second, see if there is any negligence in the gun's design.

should the industry have added safety features within a feature like authorization technology preventing a gun from being used by persons other than the registered owner. robert leevy says you may rebut this argument. and michael krause, professor of george mason university says product liability law, the rule of thumb is the product has to be unreasonably dangerous to sue a manufacturer for liability. he says the dangers are well known. so calling them unreasonable may not be deemed reasonable in a court of law. back to you. >> thank you very much, mary. video game makers getting hit today. let's go to jackie with the market flash. >> good afternoon, tyler. that's right. take a look at video game makers. electronic arts, avtivision, the city commerce division is

studying video games and their impact on children and in wake of president obama's speech about gun control, the thought we might see more scrutiny in games. seeing the declines for take two, worse 4.2 percent and the rest following suit. sue, back to you. >> thank you. another probe into a giant hedge fund. this one with their top portfolio manager. then general managers buys back 200 million shares from the filibusters. >> it means a nice pop in gms. perhaps the best they have seen in a long time. how long? we will show you the last time they traded at this level when "power lunch" returns. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly.

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another snag and problems at sac capitol. examining trading by one of its most successful portfolio managers. this as part after probe in the firm's investment at weight watchers last year. authorities are trying to determine whether other portfolio managers traded weight watchers shares and options based on nonpublic information. no one has been charged yet. here is a look at a two-year chart of weight watchers, up 46% at 5415. ty? >> sue, general motors says it'll buy back 200 million of its shares from the treasury at a price of 5.5 billion over $27.50 a share. that's 8% premium from tuesday's close and that sent gm's shares

higher today by almost $2 to 27.44. behind the wheel in chicago for us, phil, fill us in. >> people are saying, boy, the government shouldn't own any stake in general motors. well, they are finally exiting their stake in general motors. this is what will happen over the next 15 months. treasury department sold over 200 million shares to general motors at 2.50 a share. 8% premium compared to yesterday. they'll be gone by mid 2014. treasury will not be recovering. as you take a look at who owns general motors, it'll be dropped and goes from 31% down to 22% so treasury department still holds 22% after the sale to gm. again eliminated over the next

12 to 15 months. cup he other things to keep m mind, hasn't closed since july of 2011. right now just under that mark but it has been a long time since it's been at this level. by the way, gm's market share dropped 1.8% since the company went into bankruptcy back in june of 2009. tyler, a lot of people sit there and say, is gm better off? financially it's better off but its market share continues to erode. . >> at what point, phil, would the taxpayer actually break even on its gm stake? >> after selling these 200 million shares at 27.50, treasury would need to sell the remaining shares at approximately $70 a share. i don't think anyone believes we will see gm stock get up to $70 a share between now and 15 months from now. the treasury department will be taking some type after loss. maybe between 9 and $13 billion depending on where the shares are sold over the next year and a half. >> phil, thank you very much.

sue? >> we are asking if the bailout of gm was worth it. cast your vote at finance.yah o oo.com. in our next hour, what will the merger landscape look like in 2013? we will talk to claireman of casablanca capital about that. are you looking for a $10 million home? you're not alone. that part of the mark set surging. we look at the top three zip codes with the most sales. even those held elsewhere, giving her the confidence to pursue all her goals. when you want a financial advisor who sees the whole picture, turn to us. wells fargo advisors. [ male announcer ] this december, remember --

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we've got gold here closing down for a second day. although today very much in a tight range after a steep fall yesterday. we are at 3 1/2 month lows. what is interesting, a lot of people are wondering where gold goes from here. famous commodity investors, gold, he believes, is in a correction and could go lower. we are off about 7% from the 1799 high we saw in october. gain gold for at year but no record thissier. silver falling for a fifth straight day and we saw continued pressure selling on copper down for fourth straight

day despite some optimism that perhaps we may see some kind of stimulus in japan and china. there are still doubts when it comes to copper tp sue? >> all right, ber that, thank you very much. to the trading action on the floor of the nyse, with the dow down just about 11 points. >> there is a lot of topic on it yesterday. i think it is continuing today. let me show you the dow here in a narrow trading range. we wait to see what kind of deal. i think the street believes a deal is coming. take a look at dow jones industrial average. narrow as i gets. the big movers, industrial stocks, home building stocks, all of them are basically flat on the day. there's your dow industrials. these have big the big ones reisn'tly and home boo

rerecently and the home builders on the flat side. money going into the stock market and i've seen money coming in through mutual funds too recently. stock mutual funds, money going into europe. money going into the euro and money coming out of gold and bond, sue. this is a very interesting development. it is not so relevant. gold is on the down side. >> it is worth noting. >> there is something happening. people are moving money around. we have been waiting for the bond to end and the ends of a new low. there are people borrowing money and making trades. >> certainly worth noting. thank you very much. >> hey, sue, we are watching shares of jc penney today, highering brandon from abercrombie and fitch. he is working for mike fisher of

jc penney. of course, jc penney has come under pressure lately as newly implemented strategies may not be playing out as expected. we are watching those names and retail names into the christmas season as well. i wonder if we can get a board to see what other retailers are doing today. all right. doesn't look like that is possible. sue, over to you. >> jackie, a nice percentage move to the upside of jc penney. little bit of relief for shareholders suffering so much with that particular stock. thank you, jackie, appreciate it. >> pressure is mounting in washington for a deal to resolve the fiscal cliff. what happens to the markets when the euphoria of that deal wears off? here to visit with us, don is chairman of casablanca capital. a good friend of "power lunch." good to see you again. >> good to be here. >> we are almost at the end of the year. a lot of uncertainty in washington. you still have a smile on your face. are you hopeful you will get it done? >> i'm hopeful for a number of

reasons. number one, i think the mood of the country is very somber. >> yes. >> post connecticut. i don't think that people are in the mood to watch the president and the congress go through shenanigans over what most people don't even understand. we know taxes are going up. let's get it over with. whether or not they deal with underlying problems, we still have negative gnp next year and but i think a deal or framework of a deal will get done. it will be some euphoria and a slight correction in the market. >> what about the overall 2013? >> i think this is a little y2k-ish. there are countdowns. everyone is talking about the cliff, the cliff, the cliff pip feel a little bit like it is like y2k. money is cheap. people are getting in a sense within whether it is realistic

or not, housing, financials, and i think there is a an enormous amount of m and a activity for a number ever reasons. first is money is cheap. >> right. >> second, corporate balance sheets in the united states are stronger than they've ever been and third, there are some stocks that haven't gone back to super highs and ceos are getting more can confident. >> i was going to say, confidence is better in talking to you and other ceos that come here on power lunch. they feel better about the environment. >> smart deals getting done. >> yes. >> i think you will see more of that. there seems to be just anecdotely and my thought are what holiday parties that departments are gearing up. >> what is your favorite sector? financials and why? >> i think the financials for next year. money is cheap and there's a lot of demand. so wrs i think the financials

are finally on stronger footing washington has done a good job of keeping things strong. bank of america is strong and had a good run. citibank is doing much better. >> all right, on that optimistic note, well leave it there. i want it end the year on a high note, don. >> i think we will have a strong down. >> thanks. >> you will spend more time with us next month. we add lot of breaking news today. thank you so much. >> it's okay. i'm glad to be here. >> happy holidays. >> thank you, you too. ty, over to you. >> a product goes bust possibly igniting a banking crisis. sound familiar? it is not in the united states. but michelle knows where it is, michelle? >> you have to wait until after the break it find out where, but listen to this combination, tyler. investors desperately chasing the yield. the equivalent of sub prime

borrowers and it is raising fears in a key economy. well tell you which one on the other side of the break. ♪

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for christmas delivery. coming up on "street signs," retail extravaganza. on monday, wal-mart and target. today macy's and sachs. we will talk to karzai as he feels about the government finally exiting gm. and stinky stocks that are soaring. we have a couple surprises for that you have gang busters for you. lof lots of things happening a the top of the hour. >> thank, mandy. it is not in the united states this time, but in china, of all places, michelle crewso cabrera has scary details on this one for us.

>> that's right, sue. a wealth product management has gone bust. losing 22.5 million in something they thut thaut was going to pay them 11% in only one year. their money was supposedly invested in a pawn shop, two car dealerships and entertainment venue. they claim the bank saleswoman told them it was risk free. they were supposed to get their principal and whopping payment in november. instead, they got zero. they protested in front of the bank for days. the alarm, on the wmps how they are told, because they are so widespread. more than $2 trillion in the clie these banking system, equal to 14% of all bank depositive knits china. the chinese gobbled them up because they pay more interest, often way more than cds or savings account. whenever something has a higher interest rate, it is also riskier. this is why analyst are worried -- they think this is

the tip of the iceberg. they think there will be more failures because they are invested in junky stuff. also for banks. on the other side of the coin, they also worry investors will abandon them outright completely because of headlines. many product are risky but some are quite good and supply much needed credit to small and medium sized businesses, which is desperate if china, because large state banks won't lend to them. the economy weakens and if china's economy weakens, it is bad for the world and the u.s. economy. you can read more on cnbc.com, and it is entitled, china's credit crunch. sue? reuters did an examination of 50 of them and found a vast majority of them did not explain what the money would be invested in, actually. unbelievable. >> thanks, michelle.

a story that will continue to unfold. we appreciate it. ty, over to you. >> sue, the real estate market is on the come back in the united states. the market specifically for $10 million plus homes has more than doubled in some elite communities. our wealth editor robert frank has a very good job. with the look at the top three zip codes in the nation with the sales of mega mansions. i can't wait to hear. >> i call it the return of the eight-digit home. the sales of homes for 10 million or more. took a breather in the crisis, but they're back. a report from caldwell banker says sales of eight-digit homes have doubled in miami and other hot markets. beverly hills, ranked first in the country with 19 sold over the past year. one of those deals was a home on rocks bury drive. we see it here, sold for $14 million. list of 10 million plus homes is stronger. malibu, california tops the list of listings with 63 listings.

10 million or more of course the larry ellison premium driving up premiums. he is buying a lot of homes. and aspen, colorado, this home just hitting the market. we are announcing it right now. $40 million in the starwood development plus your neighbor would be john paulson, the hedge fund guy. 2013 could mark the return of the nine-digit house. several homes for a hundred million or more. the versace mansion in florida, price, $125 million. can you see more mega homes and meg why prices at cnbc.com. >> so malibu, beverly hills, aspen and isn't a barbasanta ba. >> and they took out new york, because central park would be in top five or top ten. it is all ex new york. and it is really california and

aspen. >> and what about amex for -- >> i think they should include us the next time around. >> california and aspen, two blu beautiful places to live. was the bailout worth? stick around. "power lunch" is back in two-minutes time. ♪ [ engine revs ] ♪

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where are investors putting their money these days? vanguard is seeing record inflows. man manager says customers put $130 billion into its mutual and exchange traded funds throughout november. vanguard says the inflow tops the company's highest annual total ever. and would be a record in the fund industry. check out one of the top performing stocks of this year. vanguard windsor fund investor shares up about 20% in 2012. ty? >> windsor, grand dad oe fund that used to be run by john neff. let's get into it guyes. buying back 20 million shares of stock from the u.s. treasury. that's all of us. the government needs to sell 300

million shares it still holds at $70 a piece to break even on the 49.5 billion bail yut. we asked you, viewers, whether you thought the bailout was worth it. here is what you said. it saved gm and industry a lot of jobs. 32% say that. no, it cost taxpayers billions. and 23% say we have turned into a bailout nation. what do you think, boys? >> i think, look, what is the cost of this? i think $49 billion. they are obviously losing money if they sell it at $27. the break even was 50-something if they sold all the shares. they will lose money. what is the cost of letting a million jobs go? i don't know. john, what do you think? >> i think this is surprising for a lot of people. we are definitely losing money on this deal. we are losing anywhere from 9 billion to 13 billion. but if you think about how much jobs they say that saved, about, they say a million jobs, that is about $13,000 a job.

we would have paid more than that in unemployment for all these people. so yes, actually, it is worth it. >> i agree. by the way, i'm surprised they did this, john. i felt it was a pretty mediocre earnings report. >> and to get a slightly higher price. >> as is so often the case. >> i think it depends on where you sit. both geographically and what town you live in. >> let's go to wal-mart, from $127 to the usual $199 base price model. it started on friday. runs 30 days. i didn't think john that apple got into this kind of price cutting. >> we don't know exactly what is behind this price cutting. i think this could be a positive for apple. a lot of times we think discounting merchandise -- oh, definitely bad for the manufacturer. in this case, i wouldn't be surprise fed the discount is being beat eaten by wal-mart and they think that the iphone is such a valuable product that it will draw people in the stores

because they are selling it for cheaper. this could be a positive. >> i agree. >> the most obvious explanation is to use it as a lost leader and to get people into the store. and i think 24 is soft sales of the iphone. >> i assume this is a two-year contract with it, otherwise it is a $500 plus product. let's move on to the man of the year, person of the year, "time" named president obama the person of theier for 2012. also received the title in 2008. was he the right choice this year, bob? >> well, if you go by their criteria of the most influence in the world of better or worse, can you make your argument. my argument for person of the year would be the central bankers of the world. from bernanke to the people at ecb, all the way to the bank of japan. those people had the biggest impact -- >> you are a finance guy. god bless you.

>> i'm a little nerdy. sorry about that. >> we should do our own cnbc show. >> it is present company excluded. >> good call, john? >> no. really boring. really safe. not a very good call at all. he agree with bob here. absolutely. the central banker was the person of the year, same way the personal computer was years ago and you were, you know, as they put up a mirror, the most influential people this year were central bankers from japan to the united states to europe to mark carnie pulled out of canada to be uk central banker. that's the big story. >> my people of the year would have been the teachers and students of sandy hook elementary. i think they have changed america forever. sue? >> i second that one, ty. coming up, kayla with a very interesting app from bank of america. >> it is like the ghost of christmas future and we are all

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could look like in retirement age, could you save snmore in bk ever america thinks so. they unveiled the face of retirement that reveals what you would look like from 67 to 107. hopefully we will all live that long. kayla has the details. hi, kayla. >> hi, sue. a study at stanford showed people who met their future self was more likely to save. bank of america took it to heart to create this program. we gave this a test drive. it digitally aged a picture of you. through the decades. not just the retirement age since more and more americans are working longer to make enough. the program forces people young and old to literally face reality of not only what retirement age will look like but also what it will cost. here is me. it is not pretty, as i mentioned, but more important than the wrinkles, are the costs. oh, that's tough to stomach right now.

but when i'm 67, this is what this program is showing me. a loaf of bread will cost 9 bucks. at 87, aed withing is $207,000. nearly 208,000. >> don't get married at age 87. at 107, a gallon of gas, will be $57. adjusted for inflation. though i don't think that anyone is going to let me on the roads at that age. but with this app, merrill is trying to capture a sweet spot for brokers for accessible financial planning for young people or consumers with less than 250 grand in assets. charles schwab and fidelity previously cornered that market but competition from start-ups like learn fest and future adviser which slashed feees. and we asked people whether the gimmick would make them safe. most said yes, for plastic surgery. >> for plastic surgery. here, i'm 58. they are 68. doesn't look all that different.

that is truly -- that is truly disturbing. equally disturbing from a pr company, knowing i was doing this, spanx for -- >> wow. >> streamline fit and innovative 3-d pouch. i'm feeling very self conscious. they didn't put the glasses on. >> they say, don't put those on standing up. sit down and put them on. >> thank you from the pr people at spanx. >> oh, my gosh. >> thank you, for that look into the future. >> you soar welcome, tyler. >> kayla, you are so darn brave and beautiful at any age. >> thank you. we have had fun and everyone's been good sports. we appreciate it. >> thanks, guys. we will look at the markets right now. keep in mind, mr. boehner has a news can conference at 2:15 p.m. and that may bring in volatility. we are down 15 points on the dow. s&p is down 3 and nasdaq up a

fraction on the trading section. 2:15 p.m. the chatter will come out of washington again. >> the president came out and said the republicans are having hard time saying yes and they just ought to say yes. i'm sure representative boehner, the speaker will come out and give reasons why they have a lot of problems saying yes to the deal right now. so back and forth a little bit. i think down here, i believe this deal is still coming. the only thing i'm worried about is that it is substantive. can't just deal with taxes alone. >> you know what else, folks? i think it has to do, i think we have to get out of this habit of setting deadlines where tax provisions sunset. six months from now we promise to come back a year and revisit it. it doesn't work. what the business community is crying out for and what all of us are crying out for is some certainty so that we can make plans and go forward. >>ry